France's Compagnie Fonciere Internationale said on Thursday it has completed the acquisition of a portfolio of 11 cinemas leased to UGC Cine Cite from CNP-Assurances, as well as the purchase of a cinema in Lille from its owner and occupier UGC. The transactions were made on behald of CFI's 95%-controlled unit, CFI Image. UGC owns the remaining 5% stake in CFI Image.
France's Compagnie Fonciere Internationale said on Thursday it has completed the acquisition of a portfolio of 11 cinemas leased to UGC Cine Cite from CNP-Assurances, as well as the purchase of a cinema in Lille from its owner and occupier UGC. The transactions were made on behald of CFI's 95%-controlled unit, CFI Image. UGC owns the remaining 5% stake in CFI Image.
The properties are leased with a fixed term of 12 years and generate rent of EUR 12.8 mln per year. The investment volume came to EUR 153 mln, reflecting a gross yield of 8.36%.
CFI has financed the investment with a EUR 98 mln loan provided by a syndicate of 'first-class banks' and EUR 55 mln of own equity.
